McDonald’s (MCD) shareholders aren’t loving it this morning.
Shares are down more than $3 on the day on news the company pink-slipped CEO Steve Easterbrook over an inappropriate relationship with an employee. All after the company’s board determined that Easterbrook “violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” as reported by Fox Business.
McDonald’s has named Chris Kempczinski, as its new president and CEO.
“I’m thrilled to be leading this incredible company. Working alongside our talented team, our Board, our franchisees and suppliers, I am committed to upholding our rich heritage of serving our customers and driving value for our shareholders and other stakeholders,” says Kempczinski, as quoted in the company’s press release.
Under Armour (UA)
Under Armour (UA) is a mess this morning.
While the company’s quarterly profits were up to $102.3 million, or 23 cents a share, better than expectations for 18 cents on revenue of $1.43 billion, the stock is down on news of a federal investigation into allegations the company shifted sales from quarter to quarter to appear healthier, as reported by The Wall Street Journal. However, “the company firmly believes that its accounting practices and disclosures were appropriate.”
Not helping, the company also lowered its full-year revenue guidance. Revenue may only rise 2% for the year, down from prior estimates for 3% to 4%. However, it did add that gross margins would expand, and that operating income would be at the high of forecasts.
Marvell Technology (MRVL)
Shares of MRVL are picking up momentum, up nearly 5% in pre-market.
All after analysts at Wells Fargo upgraded the stock to outperform from market perform.
“Most central to our long-term investment thesis, we believe we are at a tipping point in adoption of Marvell’s 5G SoC [system on chips] and related Ethernet ICs [integrated circuits] (versus expensive FPGAs [field programmable gate arrays]),” they wrote, as quoted by MarketWatch. “Hence, we believe Marvell should continue to experience robust 5G-basestation-related sales to Nokia and Samsung for the balance of 2019 and into 2020.”
Wells Fargo increased its price targets to $32 from $25.
